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request 1099 info

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Date: To: Kohl's Department Stores, Inc. Vendors RE: Request for 1099 Information Our office has made payment of an invoice to your organization. The Internal Revenue code requires a Form 1099 to
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hey it's patti scharf CPA and co-founderof catching clouds the leader in e-commerce accounting today I want totalk about w9s and 1099s because those 1099s are coming up do like the end ofnext month and I don't want you guys to be scrambling so I want you to getstarted now all right so what is a 1099 a 1099 iskind of like a w-2 for your independent contractors so you know how like whenyou're an employee for somebody else and your employer pays you to do work and atthe end of the year you get a w-2 and you use that to prepare your income taxreturn same deal for independent contractors independent contractorsthey're providing services to lots of different people and they need to get1099s from all those different companies so that they can put it all together andreport it to the IRS now the IRS actually is using it just to make surethat the service providers are reporting all of their income that's kind ofwhat's going on here so but you have an obligation as the one who is hiringsomebody to provide these services you have the obligation to report theirearnings to the IRS so you need to know how this works so who gets a 1099 sogenerally it's going to be service providers so people who are providingyou a service it may be your landlord it may be your janitor it may be yourgraphic design person it may be your attorney there are all kinds ofdifferent things but in general if they're providing a service to you youshould be including them on your list but that's just one parameter the nextthreshold is did you pay them more than 600 yes they're probably going to get a1099 unless are they incorporated if they are a corporation so like typicallyin their company's name it'll end corporation or Corp or Inc that meansthere are corporation and they are exempt from having to get one of thesethings now if they are a limited liability company they may or may notwe'll talk about that in a second and if their sole proprietor they probably willthe next parameter is did you pay them through cash check ACH venmo if you'vepaid them wires if you've paid them in one of these different methods you'regoing to have to send them a 10-9 if you pay them with a credit card oryou pay them with PayPal then PayPal and the credit cardprocessor those guys are going to be sending out the 1099s so you don't haveto okay so how do you know if you're paying somebody who is a corporation soyou know whether or not you need to send them a 1099 and the answer is you use aform called w9 all right so you need about five different pieces ofinformation from your service providers to know whether or not you're gonna sendthem a 1099 and then if you are going to send them one you need this form so thatyou know what information to include on the 1099 and those items are named nameof the person and their business if they have a DBA you need their either socialsecurity number or their employer identification number you need...